Post Utme Oau 2021 Economics Question 31
Practice objective / multiple choice question 31 from the 2021 Post Utme Oau Economics examination.
Consider a production function given by \( Q = 100K^{\frac{1}{2}}L^{\frac{1}{2}} \), where Q is output, K is capital, and L is labor. If the price of capital is ₦100 per unit and the price of labor is ₦50 per unit, and if the firm's budget constraint is ₦10,000, determine the optimal values of K and L that maximize output.
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About This Question
This is Post Utme Oau 2021 Economics Question 31. It is one of the objective questions from the 2021 Post Utme Oau Economics examination.
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